Long-running debates over the value of university-based journalism education have suffered from a lack of empirical foundation, leading to a wide range of assertions from both those who see journalism education playing a crucial role in moulding future journalists and those who do not. Based on a survey of 320 Australian journalism students from six universities across the country, this study provides an account of the professional views held by these future journalists. Findings show that students hold broadly similar priorities in their role perceptions – albeit to different intensities from working journalists. The results point to a relationship between journalism education and the way in which students’ views of journalism’s watchdog role and its market orientation change over the course of their degree – to the extent that, once they are near completion, students have been moulded in the image of industry professionals.